An Phat Bioplastics Joint Stock Company (Ticker: AAA) announced that the Board of Directors has appointed Mr. Nguyen Le Thang Long, a member of the Board of Directors, as the new chairman from June 21, 2022, with the aim of bringing AAA into a new phase of development, promoting green transformation and focusing on eco-friendly product line.
Drastic changes in the structure of AAA’s Board of Directors
Specializing in the field of compostable materials, Mr. Nguyen Le Thang Long, who currently holds the position of Deputy CEO of An Phat Holdings JSC (Ticker: APH) cum General Director of PBAT An Phat JSC, has been elected as the new chairman of the Board of Directors at An Phat Bioplastics, according to the announcement from An Phat Bioplastics JSC.
Mr. Nguyen Le Thang Long graduated with a doctorate degree from Ecole Polytechnique, one of the four prestigious engineering universities in France. With extensive experience in the field of bioplastics, Mr. Nguyen Le Thang Long is expected to bring AAA into a new phase of development, strongly developing compostable product segment with high profit margins, thereby realizing the goal of green transformation, helping AAA grow sustainably in the long term.
In addition, Mr. Pham Anh Duong will resign as AAA’s chairman of the Board of Directors to focus on the role of chairman of the Board of the Directors of An Phat Holdings – AAA’s parent company, concentrating on the investment in new segments. Specifically, the first area is the industrial real estate segment which currently brings great revenue and profits to the Group. The second one is the construction of Southeast Asia’s largest green material manufacturing plant – a decisive project in promoting the green growth strategy and completing its green circular ecosystem. The last area is the market expansion in the context that the Group is looking for opportunities to diversify markets and avoid depending on certain markets.
Meanwhile, Mr. Nguyen Le Trung also resigned as AAA’s Board member to assume the position of general director of AAA, being responsible for operating production and business activities and giving orientation on production and financial issues of the Group as vice chairman of An Phat Holdings.
At the same time, Mr. Phan Tri Nghia, former Chairman of the Board of Directors of Vinh Plastic and Bags JSC (Ticker: VBC), who has more than 20 years of experience in the field of industrial packaging, was also appointed as an independent member of AAA’s Board of Directors. Currently, the industrial packaging segment potentially makes a great contribution to AAA’s revenue and profit with high profit margins. Besides, these products are widely consumed, meeting high demands of manufacturers. In the following years, AAA’s industrial packaging segment is expected to grow strongly while expanding the scale and operating capacity of existing factories.
The drastic changes in the structure of AAA’s Board of Directors during this period shows the determination of the enterprise in accelerating growth, pursuing green growth strategies, and improving the capacity of the Board of Directors through new members. However, the Company’s development orientation will ensure consistency in accordance with the Group’s orientation as the members of AAA’s Board of Directors are also key members at APH.
Setting a profit growth target of 63% in 2022
At the Annual General Shareholders’ Meeting taking place on the morning of June 20, AAA approved crucial issues, including business performance assessments in 2021 and target revenue of VND14,100 billion in 2022.
In 2022, AAA sets a profit target of VND527 billion, up 63% compared to the performance of 2021, coming from three main streams. Firstly, being a part of AAA’s industrial park real estate business, An Phat 1 Industrial Park is coming into operation soon. Secondly, AAA will enhance the contribution of industrial packaging and compostable packaging – business segments with high profit margins. Thirdly, the company will reduce transportation costs and COVID-19 disease prevention expenses in the context of new normal.
Regarding overall goals in 2022, An Phat Bioplastics will maintain its position as a pioneer in the plastic packaging industry in Vietnam, rising to become the leading manufacturer of environmentally friendly packaging in Southeast Asia. Besides, AAA will continue to increase the operating capacity of the industrial packaging factory.
Simultaneously, AAA will actively expand both domestic and overseas markets, focusing on spurring exports to major consumer markets in Europe, Australia, Japan, and the United States, and at the same time, develop environmentally friendly plastic products in the home market.
To ensure financial security, An Phat Bioplastics will enhance the risk management system. AAA will also concentrate on enhancing management skills, applying production initiatives to save costs and increase profits for businesses in the coming year.